The hope that the Bitcoin (BTC) exchange-traded fund will be approved by the United States Securities and Exchange Commission has led to a 27% gain in Bitcoin’s price in October. This has improved sensitivity and increased investor purchases.
Bitcoin (BTC) Price Prediction
The pullback from $35,280 on October 24th by Bitcoin may indicate that higher levels attract selling by investors. Bears attempted a deeper pullback on October 27th, but the long tail of the candlestick indicates strong buying at lower levels. While rising moving averages indicate an advantage for buyers, overbought levels in the relative strength index (RSI) suggest that the BTC/USDT pair may spend more time in consolidation.
The key levels to watch on the downside are $32,400 and then $31,000. Sellers may have to pull the price below this zone to gain control. Conversely, if the price rises from the current level and breaks above $35,280, it may indicate a resurgence of bullish dominance. The pair could then rise to the next target at $40,000. Additionally, the 20-EMA is gradually flattening, indicating a loss of short-term bullish control. This could keep the pair in the range of $35,280 to $33,200 for some time. If bears pull the price below $33,200, the pair could drop to $32,400. On the other hand, if the price rises and breaks above $35,280, it may indicate a continuation pattern of the current consolidation. The pair could then skyrocket towards $40,000.
Ethereum (ETH) Analysis
Ethereum broke above the $1,746 resistance on October 23rd and reached $1,865 on October 26th. This level attracted short-term investors’ selling and caused the price to move towards the $1,746 breakout level. Bulls successfully defended the retest up to $1,746, indicating that the level could serve as a new base. The rising 20-day EMA and the RSI near overbought territory suggest that bulls are in control. Buyers will then attempt to push the price above $1,865. If successful, the ETH/USDT pair could rise to $2,000. If bears want to prevent the rise, they may need to keep the price below $1,746, which could open the doors for a drop to the 20-day EMA.
